<PAGE>  1

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

X     Quarterly report pursuant to Section 13 or 15(d) of the Securities
                Exchange Act of 1934

                  For the quarterly period ended June 30, 2003

                                       Or

 __   Transition report pursuant to Section 13 or 15(d) of the Exchange Act

                        Commission File Number 000-49781

                          First Security Bancorp, Inc.
        (Exact Name of Small Business Issuer as Specified in Its Charter)

            Kentucky                                          61-1364206
            --------                                          ----------
    (State of other jurisdiction of                         (I.R.S. Employer
           incorporation or organization)                   identification No.)

318 East Main Street, Lexington,  Ky.   40507
(Address of Principal Executive Offices)
(859) 367-3700
(Issuer's Telephone Number, Including Area Code)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                          X Yes ___ No
                                         ---

The number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: Common stock, no par value - 1,484,926
shares outstanding as of July 28, 2003.

Transitional Small Business Disclosure Format (check one):
                                 ___ Yes   X   No


                                                                        1

<PAGE>  2


FIRST SECURITY BANCORP, INC.
TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements
Item 2.  Management's Discussion and Analysis or Plan of Operation
Item 3.  Controls and Procedures

PART II -OTHER INFORMATION
Item 4.   Submission of Matters to a Vote of Security Holders
Item 6.   Exhibits and Reports on Form 8-K


                                                                        2


<PAGE>  3


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

                          First Security Bancorp, Inc.
                     Consolidated Balance Sheets (Unaudited)
                                 (in thousands)



Assets                                     June 30,     December 31,    June 30,
                                            2003               2002         2002
                                            ----               ----         ----

Cash and due from banks                   $  13,112     $   4,744     $   5,421
Federal funds sold                            7,227         4,069           451
                                          ---------     ---------     ---------
Total cash and cash equivalents              20,339         8,813         5,872
Securities available for sale                37,606        43,046        45,097
Loans held for sale                           1,953         3,390         1,688
Loans                                       164,721       167,458       163,856
Less allowance for loan losses               (2,294)       (2,459)       (1,526)
                                          ---------     ---------     ---------
Net loans                                   162,427       164,999       162,330
Federal Home Loan Bank stock                    757           742           688
Leasehold improvements, premises
   and equipment, net                         7,749         7,932         7,922
Accrued interest receivable                     993         1,176         1,209
Other assets                                  1,101           988           589
                                          ---------     ---------     ---------
Total Assets                              $ 232,925     $ 231,086     $ 225,395
                                          =========     =========     =========
Liabilities and Shareholders' Equity

Liabilities
 Deposits
Non-interest bearing                        $ 21,337      $ 20,478      $ 17,356
Time deposits $100,000 and over               53,964        50,255        52,434
Other interest bearing                       117,516       118,222       120,493
                                            --------      --------      --------
Total Deposits                               192,817       188,955       190,283
Repurchase agreements and
short-term borrowings                          3,699         8,211         2,865
Federal funds purchased                        2,689          --            --
Federal Home Loan Bank advances               13,614        14,517        13,490
Accrued interest payable                         530           578           659
Other liabilities                                259           361           193
                                            --------      --------      --------
Total Liabilities                           $213,608      $212,622      $207,490
                                            --------      --------      --------



                                                                        3

<PAGE>  4


Shareholders' Equity

Common stock no par value                            8,515      8,385      8,385
Paid-in capital                                      8,515      8,385      8,385
Retained earnings                                    1,757      1,432        869
Accumulated other comprehensive
   income                                              530        262        266
                                                  --------   --------   --------
Total Shareholders' Equity                          19,317     18,464     17,905
                                                  --------   --------   --------
Total Liabilities and Shareholders' Equity        $232,925   $231,086   $225,395
                                                  ========   ========   ========



                                                                        4

<PAGE>  5


                          First Security Bancorp, Inc.
                  Consolidated Statements of Income (Unaudited)
                      (in thousands, except per share data)
<TABLE>
<CAPTION>


                                            Three Months Ended                    Six Months Ended
                                                  June 30                              June 30
                                        2003                  2002              2003                 2002
                                        ----                  ----              ----                 ----
<S>                                         <C>               <C>                <C>              <C>

Interest Income
     Loans, including fees                   $2,573            $2,791             $5,220            $5,543
     Securities- taxable                        172               364                368               690
     Securities- nontaxable                     139               174                265               333
     Federal funds sold and other                27                12                 47                29
                                          ---------         ---------          ---------         ---------
                                              2,911             3,341              5,900             6,595
                                          ---------         ---------          ---------         ---------
Interest Expense
     Deposits                                 1,259             1,614              2,598             3,414
     Other                                      151               119                310               208
                                          ---------         ---------          ---------         ---------
                                              1,410             1,733              2,908             3,622
                                          ---------         ---------          ---------         ---------
Net Interest Income                           1,501             1,608              2,992             2,973
Provision for loan losses                       324               233                469               390
                                          ---------         ---------          ---------         ---------
Net interest income after
     provision for loan loss                  1,177             1,375              2,523             2,583

Non-Interest Income
     Service charges and deposit
         fees                                   186               136                369               261
Gain on sale of loans                           314                21                575                21
Gain on sale of securities - net                342                65                342                65
Other                                            98                76                114               115
                                          ---------          --------           --------          --------
                                                940               298              1,400               462

Non-Interest Expense
     Salaries and employee benefits             836               614              1,690             1,201
     Occupancy and equipment                    283               240                555               454
     Data processing                             86                64                184               131
Advertising                                      49                31                 89                78
Professional fees                               196                69                244               106
Taxes other than payroll, property,
       and income                                58                48                 80                97
     Other                                      355               202                700               393
                                          ---------         ---------          ---------         ---------
1,863    1,268                                3,542             2,460
Income before income taxes                      254               405                381               585

Provision for income taxes                       52                79                 56                99
                                          ---------         ---------          ---------         ---------
</TABLE>


                                                                        5
<PAGE>  6

<TABLE>
<CAPTION>

<S>                                         <C>               <C>                <C>              <C>
Net income                                     $202              $326               $325              $486
                                              =====             =====              =====             =====

Weighted average common shares outstanding:
     Basic                                    1,476             1,456              1,468             1,456
     Diluted                                  1,518             1,512              1,518             1,504

Earnings per share:
     Basic                                     $.14              $.22               $.22              $.33
     Diluted                                   $.13              $.22               $.21              $.32

</TABLE>


                                                                        6

<PAGE>  7


                          First Security Bancorp, Inc.
      Consolidated Statement of Changes In Shareholders' Equity (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                                Accumulated
                                                     Additional                 Other            Total
                           --Common Stock--          Paid-In     Retained       Comprehensive    Shareholders'
                           Shares   Amount           Capital     Earnings       Income (Loss)    Equity
<S>                        <C>      <C>              <C>        <C>              <C>            <C>

Balance January 1, 2003    1,456    $ 8,385          $ 8,385    $ 1,432           $  262        $ 18,464

Net Income                     -          -                -        325                -             325

Stock warrants exercised      26        130              130                                         260

Net change in unrealized gain (loss)
on securities available for sale, net
of reclassification and tax effects       -                -          -              268             268

                           -----     ------           ------     ------            -----         -------
Balance June 30, 2003      1,482     $8,515           $8,515     $1,757             $530         $19,317
                           =====     ======           ======     ======            =====         =======
</TABLE>

                                                                        7


<PAGE>  8


                          First Security Bancorp, Inc.
                      Statements of Cash Flows (Unaudited)
                                 (in thousands)



                                                             Six Months Ended
                                                                 June 30

                                                              2003         2002
                                                              ----         ----

Cash flows from Operating Activities:
Net income                                                 $    325    $    486
Adjustments to reconcile net income to net
  cash from operating activities
     Depreciation                                               234         215
     Amortization of identified intangibles                       4           2
     Amortization and accretion on available for sale
          securities, net                                       382         136
     Provision for loan losses                                  469         390
     Federal Home Loan Bank Stock dividends                    (15)        (13)
     Gain on sale of securities                               (342)        (65)
Gain on sale of mortgage loans                                (575)        (21)
     Originations of loans held for sale                   (39,806)          --
     Proceeds from sale of loans held for sale               41,818          --
     Change in assets and liabilities:
         Accrued interest receivable                            183        (76)
         Other assets                                         (117)        (66)
         Accrued interest payable                              (48)       (173)
         Other liabilities                                    (254)       (381)
                                                           --------    --------
Net cash from operating activities                            2,258         434
                                                           --------    --------
Cash flows from investing activities
     Net change in loans                                      2,102    (13,503)
     Activity in available for sale securities
        Maturities, Calls, and principal repayments           8,980       3,434
        Purchases                                           (7,424)    (24,788)
        Sales                                                 4,265       9,393
     Leasehold improvements and net purchases
         of premises and equipment                             (51)       (414)
     Purchases of FHLB Stock                                    --        (136)
     Cash paid in acquisition                                   --         (67)
                                                           --------    --------
Net cash from investing activities                            7,872    (26,081)
                                                           --------    --------
Cash flows from financing activities
     Net change in deposits                                   3,862      21,539
     Net changes in repurchase agreements                   (4,512)    (10,092)
     Net changes in federal funds purchased                   2,689
     Proceeds from Federal Home Loan Bank
         advances                                               --       11,300
     Repayments on Federal Home Bank advances                 (903)       (146)
     Stock warrants exercised                                   260          --
                                                           --------    --------
Net cash from financing activities                            1,396      22,601
                                                           --------    --------

                                                                        8
<PAGE>  9

Net change in cash and cash equivalents                      11,526      (3,046)

Cash and cash equivalents at beginning of period              8,813        8,918
                                                           --------     --------
Cash and cash equivalents at end of period$ 20,339         $  5,872
                                                           ========    ========
Supplemental Disclosure of Cash Flow Information:
     Cash paid during the period for:
         Interest                                          $  2,947     $  3,795
         Income taxes                                      $    260     $    530


                                                                        9


<PAGE>  10


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

         The accounting and reporting  policies of First Security Bancorp,  Inc.
(the  "Company")  and  its  wholly-owned   subsidiary  First  Security  Bank  of
Lexington, Inc. (the "Bank") conform to accounting principles generally accepted
in the United States of America and to predominant  practices within the banking
industry. The significant policies are described below.

         The  Bank  is a  Kentucky  corporation  incorporated  to  operate  as a
commercial  bank  under a state bank  charter.  The Bank  generates  commercial,
mortgage,  and installment  loans, and receives  deposits from customers located
primarily  in the Fayette  County,  Kentucky  area.  The  majority of the Bank's
income is derived from lending activities.  The majority of the Bank's loans are
secured by specific items of collateral  including business assets, real estate,
and consumer assets, although borrower cash flow may also be a primary source of
repayment.

         Operating  Segments:   Internal  financial   information  is  primarily
recorded and aggregated in two lines of business,  banking and mortgage banking.
While  management  monitors  the  revenue  streams of the various  products  and
services,  the identifiable segments are not material and operations are managed
and financial performance is evaluated on a Company-wide basis. Accordingly, all
financial  service  operations  are  considered  by  management to be aggregated
within one reportable operating segment.

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance with the accounting  principles generally accepted in the
United  States  of  America  for  interim  financial  information  and  with the
instructions  for  Form  10-QSB.  Accordingly,  they do not  include  all of the
information and footnotes required by accounting  principles  generally accepted
in the United  States of  America  for  complete  financial  statements.  In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered  necessary  for  a  fair  presentation  have  been  included.   Where
appropriate,  some  items in the prior  period  financial  statements  have been
reclassified to conform to the current presentation.

Operating results for the three-month and six-month periods ending June 30, 2003
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2003.

         Compensation   expense  under  Company  stock  option  arrangements  is
reported using the intrinsic value method.  No stock-based  compensation cost is
reflected in net income,  as all options  granted had an exercise price equal to
or  greater  than the market  price of the  underlying  common  stock at date of
grant. The following table illustrates the effect on net income and earnings per
share  if  Accounting   Standards  Board  Statement  No.  123,   Accounting  for
Stock-Based Compensation were followed.

<TABLE>
<CAPTION>


                                              Three Months Ended         Six Months Ended
                                                     June 30                  June 30
                                           2003          2002             2003         2002
                                           ----          ----             ----         ----
                                   (in thousands, except for per share data)
<S>                                      <C>         <C>           <C>            <C>

Net income as reported                   $   202      $    326     $   325        $   486
Deduct: Stock based compensation
   expense determined under fair
   market value based method                (12)         (242)       (133)           (254)

                                                                        10

<PAGE>  11



                                         ------       --------     -------         -------
Pro forma net income                     $  190       $     84     $   192         $   232
                                         ======       ========     =======         =======

Basic earning per share as reported      $  .14       $    .11     $   .22         $   .33
Pro forma basic earnings per share       $  .13       $    .06     $   .13         $   .16

Diluted earnings per share as reported   $  .13       $    .22     $   .21         $   .32
Pro forma diluted earnings per share     $  .13       $    .06     $   .13         $   .15

</TABLE>


NOTE 2 - SECURITIES

The amortized cost and fair value of available for sale securities and the
related unrealized holding gains and losses were as follows:

<TABLE>
<CAPTION>

                                            Gross             Gross             Gross
                                            Amortized         Unrealized        Unrealized       Fair
                                            Cost              Gains             Losses           Value
                                            --------------    --------------    -------------    ------
                                                              (in thousands)
Available for Sale
<S>                                        <C>              <C>               <C>              <C>

June 30, 2003
         U. S. Government and
              Federal Agency                $ 4,880         $     105         $      --         $4,985
         State and Municipal                  9,922               498                --         10,420
         Mortgage-backed                     22,000               201                --         22,201
                                            -------         ---------          --------         ------
         Total debt securities              $36,802         $     804         $      --        $37,606
                                            =======         ==========         ==========      =======

December 31, 2002
         U. S. Government and
              Federal Agency                $  1,009        $       8         $      --         $1,017
         State and Municipal                  14,072              241              (62)         14,251
         Mortgage-backed                      27,580              200               (2)         27,778
                                            --------        ----------        ---------         ------
         Total debt securities              $ 42,661        $      449        $    (64)        $43,046
                                            ========        ==========        ========         =======

</TABLE>


         Securities pledged at June 30, 2003 and year-end 2002 had carrying
amounts of $5.0 million and $4.8 million, respectively, and were pledged to
secure customer repurchase agreements.

                                                                        11

<PAGE>  12


NOTE 3 - LOANS

Loans at June 30, 2003 and December 31, 2002 consisted of the following:

                               June 30, 2003                  December 31, 2002
                               -------------                 ------------------
                                             (in thousands)

Commercial                     $  40,458                      $   47,612
Real Estate:
     Commercial                   67,991                          64,325
     Residential                  16,051                          17,871
     Construction                 23,423                          20,664
     Home Equity                  10,634                          10,180
Consumer Credit Card                 819                           1,033
Consumer                           5,345                           5,773
                               ---------                      ----------
                               $ 164,721                      $  167,458
                               =========                      ==========


Changes in the allowance for loan losses were as follows:


                             Three Months Ended                Six Months Ended
                                   June 30                           June 30
                          2003              2002             2003          2002
                          ----              ----             ----          ----
                                               (in thousands)

Beginning balance        $2,570            $1,679            $2,459       $1,538

Provision                   324               233               469          390

Recoveries                    2                 2                11            4

Loans charged off         (602)             (388)             (645)        (406)
                       --------          --------          --------     --------
Ending balance           $2,294            $1,526           $2,294       $1,526
                         ======            ======           ======       ======


                                                                        12


<PAGE>  13


NOTE 4: EARNINGS PER SHARE

Earnings per share were computed as follows:
<TABLE>
<CAPTION>

                                            Three Months Ended                  Six Months Ended
                                                 June 30                             June 30
                                            2003               2002            2003               2002
                                           --------          --------       ---------          --------
                                                          (in thousands, except for per share data)
<S>                                       <C>               <C>               <C>               <C>

Basic
     Net Income                           $  202            $  326             $  325            $  486
     Weighted average common
         shares outstanding                1,476             1,456              1,468             1,456
Basic earnings per common share           $  .14            $  .22             $  .22            $  .33



Diluted
     Net Income                           $ 202             $ 326              $ 325             $ 486
     Weighted average common
         shares outstanding               1,476             1,456              1,468             1,456

        Add: Dilutive effects of assumed
             exercises of stock warrants
             and options                     42                56                 49                48
                                          -----            ------             ------            ------
        Average shares and dilutive
           potential common shares        1,518             1,512              1,518             1,504
                                          =====             =====              =====             =====

Diluted earnings per common share        $  .13            $  .22              $ .21             $ .32
</TABLE>

Stock options for 65,500 shares of common stock were excluded from the
calculations for the three and six month periods ended June 30, 2003 because
their impact was antidilutive.


NOTE 5 - STOCK OPTIONS

         The Company  maintains a stock option plan whereby certain employees of
the  Company  are  eligible  to receive  incentive  stock  options.  The Plan is
accounted for in accordance with Accounting  Principles  Board Opinion (APB) No.
25,  "Accounting  for Stock Issued to Employees",  and related  interpretations.
Under the Plan, a maximum of 200,000 shares of the Company's common stock may be
issued  through the  exercise  of these  options.  The option  price is the fair
market value of the Company's  shares at the date of the grant.  The options are
exercisable  in five to ten  years  from  the  date of  grant  and  vest  either
immediately or over a five-year period.

         During the first  quarter of 2003 the  Company  awarded  each  external
(non-employee)  member of the Board of Directors one thousand (1,000) options to
purchase  shares of the Company's  common  stock.  These options were granted in
recognition  of  services  to the  Company  in lieu of  directors  fees  for the
preceding  year and were  established  at an exercise price of $19.55 per share,
which  equaled  the most

                                                                        13

<PAGE>  14


recent  market  price of the stock at the date of the  grant.  An  aggregate  to
twenty-two thousand (22,000) options were granted at that time.

NOTE 6 - ACQUISTION

         On June 3, 2002,  the Bank acquired  certain  assets of First  Mortgage
Company,  Inc.  ("First  Mortgage")  in  Lexington,   Kentucky.  First  Mortgage
originated  mortgage  loans for sale into the  secondary  market.  The  purchase
agreement included a purchase price of up to $476,000,  $69,000 of which was due
at closing.  The remainder of the purchase price is payable  contingent upon the
earnings of the mortgage  division of the Bank over the next four years.  During
2003, no additional contingent liability has been accrued,  based on the minimum
profitability  levels  required for such  additional  contingent  payments.  The
agreement also requires the Bank to enter into a four-year  employment agreement
with First Mortgage's former shareholder and president at a salary level similar
to that of other executives of the Bank.


NOTE 7 - SUBSEQUENT EVENT

         On July 11, 2003,  the Company's  president (who also held the position
of chairman of the board of  directors)  resigned  effective  September 1, 2003.
Coincident with the acceptance of his resignation, the Company and the president
entered into a termination agreement which provides for a continuation of salary
and benefits for a limited  period in exchange for,  among other benefits to the
Company, a non-competition  agreement covering a period of one year. The cost to
the  Company is  approximately  $90,000 and was  recorded as a liability  in the
Company's  financial  statements  in the  third  quarter  of 2003  such that the
present  value of the contract was  expensed  commensurate  with the signing and
effective date of the agreement.

Part I Item 2.

Management's Discussion and Analysis or Plan of Operation

General

         First  Security  Bancorp is a one bank holding  company  that  conducts
business through its wholly-owned subsidiary,  First Security Bank, a commercial
banking  organization  organized under the laws of the Commonwealth of Kentucky.
First Security Bank offers a variety of products and services  through four full
-service offices including the acceptance of deposits for checking,  savings and
time deposit accounts; extension of secured and unsecured loans to corporations,
individuals  and  others;  issuance  of letters  of  credit;  and rental of safe
deposit boxes.  First Security Bank's lending  activities include commercial and
industrial  loans,  real  estate,  installment,  and  other  consumer  loans and
revolving credit plans.  Operating  revenues are derived primarily from interest
and fees on loans and from  interest  on  investment  securities.  The Bank also
engages  in  mortgage  banking  activities  originating  loans  for  sale in the
secondary market.

         On July 11, 2003 the Bank's president resigned,  with an effective date
of September 1, 2003.  The  president  also resigned as chairman of the board of
directors,  but  remains as a member of the board.  The  chairman  of the Bank's
Executive Committee of the Board was elected as the new Chairman of the Board on
July 15, 2003.  The board of directors is  presently  evaluating  candidates  to
succeed the president on or before his departure date of September 1, 2003.

         The Company has made, and may continue to make, various forward-looking
statements with respect to credit quality (including  delinquency trends and the
allowance  for loan  losses),  corporate  objectives  and  other  financial  and
business  matters.   When  used  in  this  discussion  the  words  "anticipate,"
"project," "expect," "believe," and similar expressions are intended to identify
forward-looking  statements.  In addition to factors disclosed by First Security
Bancorp,  the following  factors,  among

                                                                        14

<PAGE>  15


others,   could   cause   actual   results  to  differ   materially   from  such
forward-looking  statements:  Pricing  pressures  on loan and deposit  products;
competition;  changes in economic  conditions both nationally and in our market;
the  extent  and timing of actions  of the  Federal  Reserve  Board;  customers'
acceptance  of our products and services;  the extent and timing of  legislative
and regulatory actions and reforms; and other factors disclosed  periodically in
the Company's filings with the Securities and Exchange Commission.

         Because  of the risks and  uncertainties  inherent  in  forward-looking
statements,  readers of this  report on Form 10-QSB are  cautioned  not to place
undue  reliance  on such  statements,  whether  included  in this report or made
elsewhere from time to time by the Company or on its behalf. The Company assumes
no obligation to update any forward-looking statements.

Overview

         The mission of First  Security  Bank is to firmly  establish  itself in
Lexington,  Kentucky as a full-service bank providing  traditional  products and
services  typically offered by commercial banks. The Lexington banking market is
highly  competitive with 19 commercial banks and thrift  institutions  currently
serving  the  market.  Most of the banks in  Lexington  are part of larger  bank
holding companies  headquartered outside of the Lexington/Fayette  County market
and Kentucky.  Promoting local  management has proven  effective for the Bank in
attracting customers,  fostering loyalty and establishing and maintaining strong
asset quality.


Results of Operations

Net Income

         Net income for the three  months ended June 30, 2003 was  $202,000,  as
compared to $326,000  for the same period in 2002.  Net income for the six month
period  ended June 30, 2003 was  $325,000,  as compared to $486,000 for the same
period in 2002. The decline in net income for both comparable  periods  resulted
primarily  from  increases  in the  provision  for loan losses and  increases in
non-interest  expenses.  Also impacting the current quarter was a decline in net
interest income.

         Decreases  in  net  interest  income  are  attributable   primarily  to
decreases in investment  income  caused by the rapid  decline in interest  rates
over the last four quarters.  Over this time span, the bank had made substantial
investments  in  mortgage  backed  securities,  in the  form of  investments  in
mortgage pools, often paying a premium for the investments.  As general interest
rates have  fallen,  borrowers  whose  mortgage  debt was included in the pools,
refinanced their debt to obtain lower rates. This caused these investments to be
repaid much faster than anticipated.  With the faster repayment, the premiums on
the investments were written off against investment  income,  causing the yields
to decline.  In addition,  the proceeds from the repayments were reinvested into
lower yielding investments, such as federal funds sold and other U.S. Government
and Agency bonds.

         For the six months ended June 30, the bank's  provision for loan losses
was  $469,000 as compared to $390,000  for the  comparable  period of 2002.  The
majority of this increase  between 2002 and 2003 was attributable to two problem
credits  relationships in the bank, one of which was both fully reserved for and
charged off during the second quarter of 2003.

Net Interest Income

         The Company's  principal source of revenue is net interest income.  Net
interest income is the difference  between  interest income on  interest-earning
assets,  such as loans and securities,  and the interest  expense on liabilities
used to fund those assets, such as interest-bearing deposits and borrowings. Net

                                                                        15

<PAGE>  16


interest  income is impacted by both  changes in the amount and  composition  of
interest-earning  assets  and  interest-bearing  liabilities  as well as  market
interest rates.

         The change in net interest  income is typically  measured by changes in
net  interest  spread  and net  interest  margin.  Net  interest  spread  is the
difference between the average yield on interest-earning  assets and the average
cost of  interest-bearing  liabilities.  Net interest  margin is  determined  by
dividing net interest income by interest-earning assets.

         Net interest  income was $1,501,000 for the three months ended June 30,
2003, as compared to  $1,608,000 in 2002,  resulting in a decline of $107,000 or
6.65%.  On a  year-to-date  basis through June 30, net interest  income  totaled
$2,992,000  for 2003,  essentially  unchanged  from the  $2,973,000 for the same
period in 2002.

         Net  interest  margin was 2.76% for the  quarter  ended  June 30,  2003
versus 3.14% for the quarter  ended June 30, 2002.  The net interest  margin for
the quarter ended June 30, 2003 was essentially unchanged from the 2.74% for the
first quarter of 2003.

         Net interest spread was 1.97% for the three months ended June 30, 2003,
as compared to 2.27% for the same period in 2002.  The net  interest  spread for
the second  quarter of 2003 improved  slightly from the 1.94% level of the first
quarter of 2003. Net interest spread increased during the quarter as a result of
rates paid on deposits decreasing faster than the decrease in yields on interest
bearing assets.

         The decrease in net interest  margin and net interest  spread on a year
to year  comparison  and the decrease in net interest  income during the quarter
resulted from the steep declines in the general  interest rate  environment that
have occurred over the last three quarters. During this time frame, the bank has
reinvested  maturities  and  repayments of investment  securities and loans into
highly liquid,  lower yielding federal funds sold and other U.S.  Government and
Agency  obligations.  During  this time frame,  the cost of  deposits  and other
funding  sources  has  not  declined  as  rapidly  as the  yield  on  loans  and
investments,  because a large  portion  of the  deposit  base and other  funding
sources,  such as advances  from the  Federal  Home Loan Bank,  were  previously
entered into with original  maturities greater than one year. Thus, while income
yields  have  fallen  dramatically,   rate  adjustments  to  funding  costs  are
essentially  on a delayed  basis,  with the benefits of a falling  interest rate
environment to be realized over the next several quarters.

Non-Interest Income and Expenses

         Non-interest income is made up of several income categories,  including
service charges, fees on deposit accounts,  gain on sale of loans, gains on sale
of securities, and other fees. Non-interest income increased to $940,000 for the
three  months ended June 30,  2003,  as compared to $298,000  earned in the same
period in 2002.  On a  year-to-date  basis,  non-interest  income  increased  to
$1,400,000  from  $462,000  for  the  same  period  in  2002.  The  increase  in
non-interest  income is  primarily  attributable  to increases in gains from the
sale of mortgage loans and securities.

         Total non-interest expense increased to $1,863,000 for the three months
ended June 30, 2003 as compared to $1,268,000  for the same period in 2002. On a
year-to-date  basis,  total  non-interest  expense  increased to  $3,542,000  as
compared to $2,460,000 for the same period in 2002. The increase in non-interest
expense for these comparable  periods is primarily  attributable to increases in
salaries and benefits  and  occupancy  and  equipment  expenses  relating to the
operation of the Bank's mortgage  banking division (see Note 6) and increases in
legal and professional  fees relating to strategic  planning matters and problem
loan administration.

         Salaries and benefits  increased to $836,000 for the three months ended
June 30,  2003 as  compared  to  $614,000  for the  same  period  in 2002.  On a
year-to-date basis, salaries and benefits increased to $1,690,000 as compared to
$1,201,000 for the same period in 2002. As previously  noted,  the

                                                                        16

<PAGE>  17


primary cause of this  increase is the cost of additional  staff in the mortgage
banking  division,  which was  started in May,  2002.  The  number of  full-time
equivalent  employees  at June 30,  2003 was 63, as compared to 53.5 at June 30,
2002 and 56.5 at December 31, 2002. The increase in staffing  levels is a result
of the continued  expansion of customer  services and the  acquisition  of First
Mortgage (see Note 6).

         Occupancy and equipment  expenses totaled $283,000 for the three months
ended June 30, 2003,  as compared to $240,000 for the same period in 2002.  On a
year-to-date  basis,  occupancy  and equipment  expenses  totaled  $555,000,  as
compared to $454,000 for the same period in 2002.

Financial Condition

         Total assets increased slightly during the quarter, from $230.2 million
at March 31, 2003 to $232.9 million at June 30, 2003. On a  year-to-date  basis,
total  assets  remained  essentially  flat,  increasing  from $231.1  million at
December 31, 2002 to $232.9 million at June 30, 2003.

         Earning assets before deduction for the allowance for loan losses as of
June 30, 2003 were $212.3  million,  as compared to $219.2  million at March 31,
2003 and $218.7 million at December 31, 2002. The decline in the  measurement of
the  one-day  balance is  attributable  to excess  funds held in a  non-interest
bearing  correspondent  account pending investment.  For the three month and six
month periods ended June 30, 2003, average earning assets totaled $217.7 million
and $217.1 million, respectively.


Investment Securities

         First Security Bank's investment  portfolio consists primarily of state
and municipal bonds and mortgage backed bonds.  The amortized cost of investment
securities decreased from $40.5 million as of March 31, 2003 to $36.8 million at
June 30, 2003. The decrease in investment securities was primarily the result of
the  sale of  approximately  $3.8  million  in state  and  municipal  bonds  and
principal repayments on mortgage-backed securities.

Loans

         Loans,  net of the  allowance for loan losses,  increased  $4.8 million
during the quarter from $157.6 million as of March 31, 2003 to $162.4 million as
of June 30, 2003.  For the six month period ended June 30, 2003,  loans,  net of
the allowance for loan losses,  decreased by $2.6 million,  from $165 million at
December 31, 2002 to the $162.4 million balance at June 30, 2003.

         The  decline  for the six month  period was a result of  several  large
commercial  repayments  in the first quarter of 2003.  Most of these  repayments
were expected.  The increase during the second quarter was the result of efforts
by the bank to replenish the paid off loans.

         As  of  December  31,   2002,   March  31,  2003  and  June  30,  2003,
approximately  67% of the  Bank's  loan  portfolio  was in loans  to  commercial
businesses and commercial real estate borrowers. Loans in the consumer sector of
the  portfolio,  which  includes  consumer  mortgage and other  consumer  loans,
comprised  approximately 33% of the portfolio as of the end of both periods. The
Bank desires increased  penetration within the consumer loan market and believes
its new branch locations should help build new customer relationships.

Allowance and Provision for Loan Losses

         The provision for loan losses for the three month period ended June 30,
2003 and 2002,  respectively,  was $324,000 and $233,000.  The provision for the
six month  year-to-date  period  ended June 30, 2003 and 2002 was  $469,000  and
$390,000, respectively. Net loans charged off for the six month periods June 30,
2003 and 2002, respectively, was $634,000 and $402,000. Included in the net

                                                                        17

<PAGE> 18


loan charge-offs in 2003 was approximately $418,000 relating to one customer. In
addition to that charge off of $418,000,  the Bank recognized a loss of $100,000
on the  disposition of collateral  pledged by that  customer.  The allowance for
loan losses to total loans was 1.39% as of June 30, 2003 as compared to 1.47% at
December 31, 2002 and .93% at June 30, 2002.

         The level of non-performing assets is an important element in assessing
asset  quality  and  the  relevant   risk  in  the  Bank's   credit   portfolio.
Non-performing  assets include  non-accrual  loans,  loans delinquent 90 days or
more,  restructured  loans  and  repossessed  assets.  Loans are  classified  as
non-accrual  when  management  believes that collection of interest is doubtful,
but for which principal is considered collectible. A loan is defined as impaired
when full payment under the terms is not expected.  Impaired  loans also include
troubled debt restructurings.  Impairment is evaluated on an aggregate basis for
smaller  balance  loans of  similar  nature  such as  residential  mortgage  and
consumer loans, and on an individual basis for larger balance  commercial loans.
The Bank's  policy is to charge off all or a portion  of an  impaired  loan upon
determination  that it is probable the full amount will not be collected.  As of
June 30, 2003,  nonperforming assets totaled $4.6 million compared to $6 million
at March 31,  2003 and $6.7  million as of  December  31,  2002.  Non-performing
assets as a percentage of total loans was 2.80% at June 30, 2003, as compared to
3.77% at March 31, 2003 and 3.97% at December 31, 2002. These decreases were due
to an increased effort by management to identify problem credits,  to charge off
credits  deemed to be  uncollectible  and to enforce  collection  on  delinquent
loans.

         Included in  non-performing  assets are loans that are considered to be
troubled debt restructurings in the amount of approximately $3.3 million.  These
loans to a  troubled  franchise  restaurant  operator  were  restructured  as of
December  31, 2002 in an effort by the Bank to gain  additional  security in the
form of cash,  liens  on  business  assets  and  certain  franchise  rights  and
mortgages. However, there can be no assurance as to the value of such additional
collateral,  nor assurance as to the immunity of the Bank's security position in
the event of a bankruptcy proceeding involving such borrower.

         The allowance for loan losses is regularly  evaluated by management and
reported monthly to the Board of Directors.  Management  maintains the allowance
for loan  losses at a level  believed to be  sufficient  for  probable  incurred
losses in the  portfolio  at a point in time.  Management's  allowance  for loan
losses  estimate  consists  of  specific  and  general  reserve  allocations  as
influenced by various factors.  Such factors include changes in lending policies
and  procedures;  underwriting  standards;  collection,  charge-off and recovery
history;  changes  in  national  and  local  economic  business  conditions  and
developments; changes in the characteristics of the portfolio; ability and depth
of lending management and staff; changes in the trend of the volume and severity
of past due,  non-accrual and classified loans;  troubled debt restructuring and
other loan modifications; and results of regulatory examinations.

         During the second half of 2002, in an effort to improve its  collection
process and loan review, the Bank hired a Chief Credit Officer, a Credit Manager
and an independent  consultant to perform  review of loans.  As a result of this
increased  attention and increased effort to analyze credit risk and collateral,
a few loans have  received a downgrade on their risk ratings.  These  downgrades
have led to additional  provisions to the allowance for loan losses.  Management
believes this process has been effective and that no further provisions for loan
losses  related to these  loans are  necessary  based on  information  currently
available.

         To evaluate the loan portfolio,  management has also  established  loan
grading  procedures.  These  procedures  establish  a grade  for each  loan upon
origination  which is periodically  reassessed  throughout the term of the loan.
Grading categories include highest quality, above average, average, low average,
watch, substandard, doubtful, and loss. Loans graded watch or worse also include
loans  severely  past-due  and those not  accruing  interest.  Specific  reserve
allocations  are  calculated  for  individual  loans  having been graded  watch,
substandard,  doubtful, and loss based on the specific estimated  collectability
(and by reference,  estimated inherent risk of loss) of each loan. The aggregate
of the  estimated  inherent risk of loss then becomes a portion of the allowance
for loan losses to be specifically  allocated to that loan.  These  calculations
are referred to as specific allocations.

                                                                        18

<PAGE>  19


         For loans not individually graded watch, substandard, doubtful or loss,
an  estimated  loss factor is  calculated  and applied to each  category,  after
reducing the category  amounts for cash  equivalent  collateral held by the bank
(such as  certificates of deposit issued by the bank and held as collateral) and
guaranties  from the  federal  government  (such as SBA  guaranties).  A general
allowance  allocation is computed using totals of each loan grading category (as
adjusted)  multiplied  by an  estimated  loss  factor  applied  to each  grading
category.  The sum of the calculation for each grading  category  represents the
general  allowance.  These loss factors are typically  developed over time using
actual loss experience adjusted for the various factors discussed above.

         The  sum  of  the  specific  allocations  and  the  general  allocation
represents  management's best estimate of the probable incurred losses contained
in the loan portfolio at the measurement date.

         Management  believes the allowance for loan losses at June 30, 2003 was
adequate.  Although  we believe we use the best  information  available  to make
allowance  provisions,  future  adjustments  which  could  be  material  may  be
necessary if the assumptions  used to determine the allowance differ from future
loan portfolio performance.


Deposits and Other Borrowings

         The deposit base provides the major funding source for earning  assets.
Total  deposits  increased by $3.9  million  from  December 31, 2002 to June 30,
2003.  Non-interest  bearing demand deposits  increased as a percentage of total
deposits from 10.3% as of December 31, 2002, to 11.1% as of June 30, 2003.

         The table below illustrates our deposits by major categories as of June
30, 2003 and December 31, 2002:

DEPOSITS
                                            June 30,              December 31
                                              2003                   2002
                                              ----                   ----
                                                    (in thousands)

Interest-bearing demand deposits          $  20,014                $ 19,472

Savings deposits                             20,847                  20,634

Time deposits less than $100,000             76,655                  78,116

Time deposits $100,000 and over              53,964                  50,255
                                          ---------                --------

    Total interest-bearing deposits         171,480                 168,477

    Total non-interest-bearing deposits      21,337                  20,478
                                           --------                --------
                  Total                    $192,817                $188,955
                                           ========                ========

Liquidity

         Liquidity  management  is the process by which  management  attempts to
ensure that adequate liquid funds are available to meet financial commitments on
a timely basis. These commitments include

                                                                        19

<PAGE>  20


withdrawals by depositors,  funding credit  obligations to borrowers,  servicing
long-term obligations,  paying operating expenses,  funding capital expenditures
and  maintaining  reserve  requirements.  Liquidity is monitored  closely by the
Asset/Liability  Management  Committee  of the  First  Security  Bank  Board  of
Directors,  which monitors interest rates and liquidity risk while  implementing
appropriate funding and balance sheet strategies.

         The Bank has  established a limited  number of alternative or secondary
sources to provide  additional  liquidity  and  funding  sources  when needed to
support lending activity or other liquidity  needs.  These  alternative  funding
sources  currently  include  unsecured  federal  funds lines of credit from five
correspondent banks aggregating  approximately $24 million; a secured repurchase
agreement line of credit from a  correspondent  bank based upon the market value
of pledged securities;  and a secured repurchase  agreement  arrangement with an
agency of the Commonwealth of Kentucky.  Additionally,  First Security Bank is a
member of the Federal Home Loan Bank of Cincinnati  which allows First  Security
Bank to borrow based on the level of qualifying residential loans which serve as
collateral  for this type of borrowing.  At June 30, 2003,  First  Security Bank
could borrow an additional $24 million based on available collateral.

         The Bank had total other  borrowings of $20 million as of June 30, 2003
as compared to $22.7  million as of December  31, 2002.  Borrowings  at June 30,
2003  were in the form of  customer  repurchase  agreements  and  federal  funds
purchased in the aggregate  amount of $6.4  million,  and Federal Home Loan Bank
advances in the amount of $13.6  million.  Customer  repurchase  agreements  and
federal funds  purchased are all deemed to be short term in nature.  The Federal
Home Loan Advances  consist of nine advances,  with maturities  ranging from May
28, 2004 through December 1, 2016. The aggregate repayment  requirement on these
advances is as follows:

                                            Amount
         Repayment Terms               (in thousands)
         ---------------               --------------
         0 - 1 Year                         $  4,225
         1 - 2 Years                           2,307
         2 - 3 Years                           2,154
         3 - 4 Years                             445
         5 Years and beyond                    4,483
                                          ----------
         Total                               $13,614
                                              ======

         The need for future borrowing arrangements above current levels will be
evaluated by management with consideration  given to the growth prospects of the
loan portfolio,  liquidity needs, costs of deposits, market conditions and other
factors.  Short-term  liquidity  needs for  periods of up to one year may be met
through  federal funds lines of credit,  borrowings and short-term  Federal Home
Loan Bank  advances.  The Federal  Home Loan Bank  additionally  offers  advance
programs of varying maturities for terms beyond one year.

Capital

         Under generally accepted  accounting  principles,  total  shareholders'
equity as of  December  31,  2002 was $18.5  million or 8.00% of  assets.  Total
shareholders'  equity as of June 30, 2003 increased to $19.3 million or 8.29% of
assets.

         Regulatory  agencies  measure capital  adequacy within a framework that
makes capital  requirements,  in part, dependent on the individual risk profiles
of financial  institutions.  These  measurements of "risk based capital" include
equity  capital,  the allowance for loan losses in the capital base,  and assess
risk levels to various assets,  depending upon their individual risk assignment.
These capital  measurements are referred to as tier 1 capital,  tier two capital
and total capital.

                                                                        20

<PAGE>  21


         The  Company and the Bank exceed the  regulatory  requirements  for all
three  capital  ratios.  First  Security  Bancorp  intends to maintain a capital
position that meets or exceeds the "well-capitalized" requirements as defined by
these  regulations by exploring  opportunities  to raise new capital or moderate
its growth rate at levels sustaining a well capitalized position.

         In addition to capital regulations, state banking regulations may limit
the Bank's ability to pay dividends to the Company without prior approval. Under
these  regulations,  the Bank may pay dividends in any calendar year only to the
extent of current  year's  net  profits  plus the  retained  net  profits of the
preceding  two years and not in excess of the balance of retained  earnings then
on  hand.  The  Company  also  has  regulatory  limits  on  dividends,  but less
restrictive.  The Company does not anticipate  paying  dividends to shareholders
for the next several years as any earnings generated will be retained to support
future growth opportunities.


Part I.  Item 3.

Controls and Procedures

         Company  management has evaluated,  with the participation of the Chief
Executive  Officer and the Chief Financial  Officer,  the  effectiveness  of the
Company's  disclosure  controls  and  procedures  as of the  end of the  quarter
covered by the report. Based on the evaluation,  the Chief Executive Officer and
the Chief  Financial  Officer have concluded  that the  disclosure  controls and
procedures  were  effective as of the end of the quarter,  in ensuring  that all
material information required to be filed in this quarterly report has been made
known to them in a timely fashion.

         No change in the Company's  internal  control over financial  reporting
was  identified  in connection  with the  evaluation  that  occurred  during the
quarter ended June 30, 2003, that materially  affected,  or is reasonably likely
to materially affect, the Company's internal control over financial reporting.


Part II - Other Information

Item 4.  Submission of Matters to a Vote of Security Holders

         The annual meeting of shareholders of First Security Bancorp,  Inc. was
held May 20, 2003.  Matters  submitted  to, and approved  by,  shareholders  are
listed below, as is a tabulation of voting. There were no broker non-votes.

(1)      Election of Directors: The following persons nominated as directors
                                were elected:

                                                                Withheld
                                 Votes For                      Authority
         John S. Shropshire      1,212,444                         41,650
         Dennis R. Anderson      1,252,094                          2,000
         John D. Barlow          1,252,094                          2,000
         Erle L. Levy            1,252,094                          2,000
         David R. McCulloch      1,252,094                          2,000
         Ira P. Mersack, M.D.    1,252,094                          2,000
         D. Woodford Webb, Jr.   1,252,094                          2,000

         The names of the other directors whose term of office as a director
         continued after the meeting are as follows:

                                                                        21

<PAGE>  22


         Len Aldridge            Kenneth L. Gerson, M.D.    Harold G. Campbell
         A. F. Dawahare          Ronald J. Saykaly, M.D.    Kathy E. Walker
         Julian E. Beard         Tommy R. Hall              Robert J. Rosenstein
         Richard S. Trontz       William T. Vennes          William A. Combs
         Nick O. Rowe*

         * Mr. Rowe resigned subsequent to June 30, 2003.

(2)      Proposal to approve an amendment to the First Security Bancorp, Inc.
         Stock Award Plan to increase the number of shares subject to awards
         granted under the Stock Award Plan:

                         Votes For          Against           Abstain
                         ---------          -------           -------
                          974,187            23,450            14,672


Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits

              The exhibits listed on the Exhibit Index of this Form 10-QSB are
filed or furnished as a part of this report.

        (b) Reports on Form 8-K

              A report  on Form  8-K  dated  April  22,  2003  was  filed by the
              registrant  reporting  under  Item 5 the  appointment  of  John G.
              Sullivan as the  registrant's  Executive  Vice President and Chief
              Financial Officer.

              A  report  on  Form  8-K  dated  May 22,  2003  was  filed  by the
              registrant  reporting  the  registrant's  earnings for the quarter
              ending March 31, 2003.

              A  report  on Form  8-K  dated  July  11,  2003  was  filed by the
              registrant  reporting  under  Item  5  the  resignation  effective
              September 1, 2003 of the Company's  President and Chief  Executive
              Officer, John S. Shropshire.

              A  report  on Form  8-K  dated  July  28,  2003  was  filed by the
              registrant  reporting  under  Item  5 the  announcement  that  Len
              Aldridge had been elected as Chairman of the Board of Directors.

              A report on Form 8-K dated  August  6, 2003 was  furnished  by the
              registrant  on August 18, 2003,  to furnish,  pursuant to Item 12,
              the registrant's  earnings release for the quarter ending June 30,
              2003.

                                                                        22


<PAGE>  23


                                   SIGNATURES

       In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                            First Security Bancorp, Inc.

                            By: /s/ John S. Shropshire
Date:  August 19, 2003      ________________________________
                            John S. Shropshire
                            President and Chief Executive Officer

                            By: /s/ John G. Sullivan
Date:  August 19, 2003      _________________________________
                            John G. Sullivan
                            Chief Financial Officer andE xecutive Vice-President

                                                                        23

<PAGE>  24

                                    EXHIBITS


Exhibit 10.1      First Security Bancorp, Inc. Stock Award Plan, as amended and
                  restated as of March 18, 2003 is  incorporated by reference to
                  Exhibit 10.9 to the Form 10-K of First Security Bancorp,  Inc.
                  for the year ended  December  31,  2002  (Commission  File No.
                  000-49781).

Exhibit 10.2      Severance Agreement for John S. Shropshire

Exhibit 11.       Statement regarding computation of Per Share Earnings in
                  the Notes to  Consolidated  Financial  Statements in Part 1 of
                  this Report for such  computation  (see Note 4  "Earnings  Per
                  Share").

Exhibit 31.       Certifications Pursuant to Section 302 of the Sarbanes-Oxley
                  Act of 2002.

Exhibit 32.1.     Certification of Principal Executive Officer and Principal
                  Financial  Officer  Pursuant  to 18 U.S.C.  Section  1350,  As
                  Adopted Pursuant to Section 906 of the  Sarbanes-Oxley  Act of
                  2002.

Exhibit 32.2      Certification of Principal Financial Officer Pursuant to
                  18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002.

                                                                        24